Groundbreaking Ceremony for Yongsan International Business District: Resurrection After 10 Years of Disaster

By Lee Sang-ki
Former President of Asia Journalist Association, Publisher of The AsiaN

SEOUL: Construction has officially begun on the Yongsan International Business District, reviving what was once Korea’s most ambitious urban development vision.

“Yongsan was forced into a deep freeze for ten years after the project collapsed in 2013,” Seoul Mayor Oh Se-hoon said during the groundbreaking ceremony on November 27.

“Today marks the beginning of the next 100 years for Seoul. Through this mega-scale 51 trillion-won development, the supply of 6,000 housing units, and a future-oriented urban structure that integrates work, residence, and leisure, Yongsan will take Seoul’s competitiveness to a new level.”

Standing on the vast empty grounds of the former Yongsan Train Depot — a prime area that has remained idle for a decade — Mayor Oh emphasized his resolve, repeating, “We will make this happen” and “We will see it through to the end.”

First launched in 2007 as part of the mayor’s “Han River Renaissance” initiative, the Yongsan International Business District had been envisioned as Seoul’s largest-ever urban development project.

However, the global financial crisis in 2008 and the subsequent downturn in the property market halted progress before the first shovel ever hit the ground, leading to the project’s cancellation in 2013. Upon returning to office in 2022, Mayor Oh acted quickly and formally announced the project’s revival.

The development area covers 456,000 square meters and aims to establish a global strategic hub combining business, commercial, cultural, leisure, and residential functions.

Unlike the previous approach, where private developers attempted to purchase and develop the land as a whole, the renewed plan features significant participation from public entities such as KORAIL and the Seoul Housing & Communities Corporation (SH).

The public sector will invest roughly 12 trillion won to prepare land and infrastructure, after which private developers will acquire subdivided parcels for development. This model is viewed as enhancing overall stability by reducing financial risk. Land parcel sales are expected to begin in the second half of next year.

The project envisions the creation of a “compact city,” where work, housing, leisure, and cultural functions are concentrated in one area to maximize efficiency and comfort, allowing daily mobility needs to be met on foot.